LiveTrust is robust, and it requires that you stay on top of important tasks to keep your vacation rental accounting records in order. To make things easier for you, we’ve put together a complete checklist.
There are numerous steps and processes that go into accurate trust accounting. One of those steps is reviewing reports that tell you if your trust account is in balance and if you’re holding all the funds as you should.
Discrepancies between a bank account and a vacation rental accounting system occur more often than you might think. Performing a monthly bank reconciliation ensures your financial records are accurate.